-LRB- CNN -RRB- -- California 's vote on a controversial cigarette tax remained too close to call Wednesday morning , although votes counted so far suggest it was narrowly rejected .

With all precincts reporting , the tally was 50.8 % against the proposal and 49.2 % in support of it , according to the California Secretary of State website .

But the vote was listed as a `` close contest '' with no final result .

Counties have 28 days to count every vote-by-mail , provisional and damaged ballot , the secretary of state 's office said .

With nearly 3.9 million votes cast in precincts , the `` no '' votes were ahead by only about 63,000 .

Proposition 29 , would raise about $ 735 million a year . About three-quarters of the money raised would go to cancer research .

`` The American Cancer Society , the American Heart Association and the American Lung Association wrote the initiative carefully , '' Lori Bremner of the American Cancer Society told CNN 's `` Sanjay Gupta MD '' last week .

`` The money is going to be invested in cancer research here in California and on tobacco prevention and cessation programs to protect kids and reduce smoking here in California . ''

Studies show the tax would help decrease smoking and save lives , she said .

Opponents slammed the tax as a misguided burden in an already tough economy .

`` What we 're seeing in the state of California is a lot of frustration on the part of our citizenry that it 's just another tax , '' said Dr. Marcy Zwelling , a general practitioner . The tax , she said in an interview with CNN , `` goes to build bigger bureaucracy , build business , build buildings , not necessarily to go to cancer research . ''

The opposition in California was fueled by a huge influx of cash from big tobacco companies . About $ 47 million was raised in efforts -- including TV advertising -- to defeat `` Prop. 29 , '' including $ 27.5 million from Philip Morris and $ 11 million from R.J. Reynolds , according to figures from MapLight , a nonpartisan research firm .

About $ 12 million was raised in support of the initiative , including $ 8.5 million from the American Cancer Society and $ 1.5 million from the Lance Armstrong Foundation , known as Livestrong . Armstrong himself appeared in ads urging people to `` vote yes on 29 . '' -LRB- Gupta , CNN chief medical correspondent , is a board member of the foundation . -RRB-

There is already an 87-cent tax on each pack of cigarettes in California .

According to California 's official voter guide , the health groups behind Prop. 29 said it would `` save lives , stop kids from smoking , and fund cancer research , '' while those opposed said the initiative `` does n't require revenue be spent in California to create jobs or fund schools . ''

Bremner insisted the campaign against Prop. 29 traded in `` deceptions . '' The biggest misconception is that the money collected `` will be somehow wasted or used otherwise , '' she said .

But Zwelling said it would heavily affect poorer Americans , who are more likely to smoke . And other efforts , including the state 's ban on smoking in public places , have succeeded at pushing people to quit smoking , she said .

John Seffrin , CEO of the American Cancer Society , said if the bill passed , `` It would make California the second-largest funder of cancer research after the -LRB- National Cancer Institute -RRB- in the entire country . ''

Some grant proposals that currently go unfunded would find a source of revenue , he said .

`` So , it 's a tremendous opportunity for California to do the right thing -- not only for California , but for the whole world . ''

CNN 's Caleb Hellerman , Nadia Kounang and Josh Levs contributed to this report .

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NEW : The vote is a `` close contest , '' the California secretary of state 's office says

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NEW : Counties have 28 days to count mail-in , provisional , and damaged ballots

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Votes from precincts were 50.8 % against and 49.2 % in support

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The law would add $ 1 to California 's 87-cent tax on each pack of cigarettes